Over the past couple of days, I’ve been keeping an eye on the disclosures of stablecoin reserves again. The more I look, the more I feel that de-pegging isn’t necessarily because there aren’t enough assets; more often, it’s the “bank-run psychology” behind it—the fear that everyone will think others will run first. In plain terms, transparency is meant to stop people from wildly guessing: if the report is vague, then even small movements in on-chain transfers can unsettle emotions enough to drag prices down. Recently, I also heard that a certain region is raising taxes and tightening compliance. Once people’s expectations for deposits and withdrawals change, they’re even more inclined to move risk out first, and I can understand that. Anyway, right now when I cross-chain, I only dare to do small, repeated tests—better to go slowly, so that if volatility really hits, I won’t end up getting trapped all at once. With stablecoins, confidence matters far more than interest.